JustCo Holdings Limited

Listing and network

JustCo Holdings Limited listed on the SGX Mainboard on 22 May 2026 under JCO (ISIN SGXE40121159). The IPO offer price was S$0.94 per share, with 32.092 million offer shares and 74.291 million cornerstone shares; gross proceeds were approximately S$100 million. The IPO materials describe 54 centres and 37,500 workstations at launch.

First-half 2026 operating evidence

Revenue rose 24% year on year to US$80.780m. Cash EBITDA increased 147% to US$10.554m and the cash EBITDA margin was 13.1%, while reported loss was US$0.839m after IPO-related items and finance costs. Operating cash flow was US$45.010m and issuer-defined free cash flow was US$3.247m. JustCo defines that free-cash-flow measure as Cash EBITDA less tax paid and total capital expenditure; it is not the cash-flow-statement subtotal after lease principal and interest.

Segment snapshot

Three audited years show the operating turn before listing

The prospectus carries audited FY2023 to FY2025 financial statements, allowing the first-half print to be read against more than one comparison period. Revenue increased from US$113.772m to US$144.193m over those three years. Results from operating activities rose from US$1.329m to US$16.706m, but the lease-heavy funding structure left net finance costs above US$11m in every year. Profit after tax moved from losses of US$12.454m and US$10.095m in FY2023 and FY2024 to a US$2.717m profit in FY2025.

Operating cash is structurally much larger than accounting profit because depreciation, right-of-use accounting and lease payments appear in different parts of the statements. The cash-flow statement reported US$73.002m of depreciation and amortisation in FY2025. Lease principal and interest then used US$76.281m of financing cash in that year. A reader therefore needs both the operating-cash line and the lease-payment lines; neither is a complete cash-conversion measure on its own.

FY2025 also included the consolidation of Japan operations from 1 July. The prospectus attributes part of the 12.5% revenue increase to that change in perimeter, alongside higher occupancy and more occupied workstations. The operating-centre count consolidated in the financial statements rose from 41 at December 2024 to 50 at December 2025. The three-year improvement is real in the filed numbers, but it combines organic operating progress with a wider consolidation perimeter.

Sources: JustCo prospectus, summary and audited consolidated statements of comprehensive income and cash flows, pp.48–50 and A-8–A-13. Cash EBITDA is an issuer-defined non-IFRS measure; FY2025 here uses the audited-period disclosure rather than the separate pro-forma Japan presentation.

Network growth became more productive by FY2025

The physical footprint was not a straight-line series. Net lettable area fell from 1.64m square feet in FY2023 to 1.57m in FY2024, then rose to 1.77m in FY2025. Operational centres were flat at 41 in FY2023 and FY2024 before increasing to 50. Occupancy held at 78% for two years and rose to 84% in FY2025; occupied workstations increased to 29,422 after dipping slightly in FY2024.

The prospectus also records member count rising from 3,176 at December 2023 to 4,035 at December 2025. Renewal success improved by 7.3 percentage points over the same period, while weighted membership tenure stayed around fifteen months. Renewal success is measured against workstations whose licences expired during the year; it counts the full expiring workstation complement for a renewing member even if the member renewed only part of it. That definition makes it a useful directional retention measure, but not the same as retained revenue.

At June 2026 the network had 57 operational centres and 37,350 workstations. Occupancy was 80%, below FY2025's annual 84% measure and 1H2025's 82%, but above 1H2024's 75%, while revenue per workstation per month increased to US$468.4 from US$422.5. These are differently dated measures: the annual occupancy rate sums occupied and available workstations across twelve months, whereas the half-year business update presents the current half-year comparison. They should not be spliced into a single monthly trajectory.

Sources: prospectus operating KPI presentation, pp.35–36, and renewal definitions, p.26; 1H2026 business update. FY2025 per-workstation and Cash EBITDA figures use the issuer's disclosed pro-forma presentation that includes Japan for the full period.

The occupied-desk mix spans company sizes, regions and industries

At December 2025, large corporates represented 53.3% of 29,422 occupied workstations, SMEs 28.2% and startups 18.6%. South-east Asia accounted for 55.3%, North Asia 30.9% and Australia 13.7%. These figures describe occupied workstations, not billed revenue or contractual term. They nevertheless show what kind of demand filled the network before the 2026 expansion.

The industry presentation attributes 36.0% of the classified workstations to information and communication, 14.0% to professional, scientific and technical activities, 13.5% to financial and insurance activities, 12.2% to manufacturing, 4.7% to real estate and 3.7% to transportation and storage. A further 15.8% sat across other industries, while 4,764 workstations with unknown industry data were excluded from that industry calculation. The sector percentages therefore apply to the classified subset rather than all 29,422 occupied workstations.

Membership agreements typically run from six to 36 months. The offering spans one-person coworking access, private offices for teams of one to 49 and enterprise offices for teams of 50 or more. Meeting rooms, event spaces, virtual offices, administrative support, IT services and fit-out work add services revenue; that stream was approximately US$16.0m in FY2025. Its disclosed FY2023–FY2025 compound growth rate was 14.8%.

The multi-city proposition is visible in the prospectus case study of one large corporate that expanded from 17 workstations in South Korea in 2020 to 84 across South Korea, Singapore, Japan and Taiwan in 2025. The issuer explicitly labels that case illustrative rather than representative. It is evidence that the network can accommodate regional expansion for one customer, not a base rate for the member book.

Source: prospectus business and competitive-strength disclosures, pp.23–27 and 141–149. Percentages may not add exactly because the issuer rounded them.

Centre maturity determines when expansion reaches cash payback

The prospectus separates the development cycle into site sourcing, fit-out, occupancy ramp and stabilisation. Across the cited centre cohort, average centre-level Cash EBITDA breakeven occurred at about five months after launch, the reported 86% occupancy point at about ten months and payback at about sixteen months. Those are issuer cohort measures rather than guarantees for each opening.

Within that cohort, about 25% of net lettable area was under traditional leases and 75% under management contracts. Of the 34% that had not achieved payback, 20 percentage points came from centres opened in 2022 during the pandemic period, five from 2023 and nine from August 2024 or later. The cohort composition matters: older pandemic openings and newer ramping sites sit together inside the unpaid share.

The contract model changes who funds the initial fit-out and who bears the fixed property obligation. Under a traditional lease, JustCo funds the upfront capital investment, pays rent and retains the operating benefit. Under management contracts, landlords fund all or a substantial portion of upfront capital and JustCo may retain a revenue or profit share, receive a recurring fee, pay a minimum base rent, or in some arrangements pay fixed rent and retain all workspace revenue. “Management contract” is therefore not one uniform fee-only structure.

The 1H2026 segment note labels centres operating for more than twelve months as mature and those operating for twelve months or less as non-mature. South-east Asia produced US$7.089m of total Cash EBITDA and North Asia US$5.398m, while Australia produced a US$1.259m loss and India and Others a US$0.674m loss. India included three centres in ramp-up, with two already opened during the half and one not yet operating at June. Australia’s mature centres improved on higher workstation rates, partly offset by lower occupancy. This is why aggregate occupancy alone cannot explain the segment result.

Sources: prospectus centre-development and payback discussion, pp.33–34; 1H2026 condensed interim statements, operating-segment note and management discussion, pp.9–20.

Lease liabilities are the main bridge from operating earnings to cash

JustCo's disclosed Cash EBITDA already deducts cash lease payments from EBITDA before lease-related expenses. The segment note begins with EBITDA before lease-related expenses, subtracts cash lease payments on lease liabilities and then adjusts for foreign exchange, share-based payments and one-off items. It therefore does not equal IFRS operating profit, and it should be read with the lease roll-forward and financing cash flow.

The US$42.182m of payments in the roll-forward reconciles closely to US$32.135m of lease principal and about US$10.047m of lease-interest accretion. At the same time, US$44.082m of additions and modifications added almost as much new lease obligation as was paid. The closing liability therefore rose US$4.793m even after six months of payments.

The income statement shows the other side of that accounting. In 1H2026, depreciation and amortisation was US$41.864m and finance costs were US$11.067m, while the results from operating activities were US$10.354m and the final loss was US$0.839m. Management said the US$2.910m increase in finance costs came mainly from US$2.4m more lease interest following new-centre openings and the consolidation of Japan.

Cash and bank balances of US$169.374m included US$19.101m of pledged fixed deposits and US$5.057m with tenures beyond three months, leaving US$145.216m classified as cash equivalents. The pledged balance supports bank guarantees used as security deposits for some centre leases. Gross cash is therefore a different number from the immediately available cash-equivalent line used in the cash-flow statement.

Source: 1H2026 condensed interim statements, cash-flow statement, Notes 5 and 11, and management discussion, pp.6–22. Arithmetic in the narrative is computed from the filed movements.

Two cash bridges, with different starting points

For the six months ended 30 June 2026, in US$ million:

• Issuer-defined free cash flow: Cash EBITDA 10.554 less tax paid 0.531, property, plant and equipment purchases 6.705 and intangible purchases 0.071 equals 3.247. Cash EBITDA already deducts cash lease payments; deducting lease principal or lease interest again would count them twice.
• Limited cash-flow-statement subtotal: operating cash flow 45.010 less property, plant and equipment purchases 6.705, intangible purchases 0.071, lease principal paid 32.135 and total interest paid 10.184 equals −4.085. Operating cash flow is already after tax. The interest line includes lease interest and other interest; it is not lease interest alone.

The limited subtotal is neither normalized free cash flow nor total cash movement. It excludes interest received, deferred acquisition consideration, deposit withdrawals, share proceeds, share issue and IPO listing expenses, and fit-out subsidy principal. Exchange movements also affect closing cash. It does not replace the issuer's free-cash-flow measure.

Sources: JustCo 1H2026 financial statements, printed p.6 (PDF p.8), cash-flow statement; Cash EBITDA reconciliation on printed p.12 (PDF p.14). The 1H2026 business update, pp.9–10 reports issuer free cash flow and defines it as Cash EBITDA less tax paid and total capital expenditure. These are calculations from the unaudited statement, not an independent assurance opinion.

Most IPO proceeds were still unspent at the first reporting date

The IPO and cornerstone issuance raised S$100.0m, reported as US$78.3m in the 1H2026 statements. At the results date, S$21.2m had been used and S$78.8m remained. Most of the balance was earmarked for strategic investments and capital expenditure supporting expansion; the public evidence records allocation and actual use, not a judgement on returns from future deployment.

The proceeds table helps reconcile the rise in cash, but not every dollar of the S$78.8m balance is identical to group cash equivalents. The table is denominated in Singapore dollars, while the group statements use US dollars; cash also includes pre-existing balances, pledged deposits and foreign-exchange movement. The next filed proceeds update should therefore be matched purpose by purpose against centre openings, property and equipment additions and changes in lease obligations.

Source: 1H2026 condensed interim statements, “Use of IPO proceeds”, p.24. The issuer stated that utilisation was in accordance with the prospectus purposes.

Balance sheet and credit evidence

At 30 June 2026, cash and bank balances were US$169.374m and cash equivalents after pledged and long-dated deposits were US$145.216m. The statements disclose no external bank debt. Lease liabilities were US$406.944m, comprising US$337.526m non-current and US$69.418m current; this lease-heavy structure is the key credit lens even though bank debt is absent.

Credit read-through Liquidity improved after the IPO and operating cash flow is positive. A complete instrument-level credit opinion is not published: lease schedules, covenant terms, security packages and recovery evidence have not been independently validated in this initiation run.

Event tape to the cutoff

The SGX performance record reports a first-day close of S$0.775 and a 27 August 2026 close of S$0.590 (market capitalisation S$288.649m). These are context only; no public valuation or expected return is presented. No post-18 August issuer item was identified in the issuer newsroom or investor-relations mirror through the cutoff; complete exchange-tape pagination was not independently re-proven.

Questions to keep live

• Can occupancy and revenue per workstation continue to rise as the 21-centre pipeline opens?
• How does cash EBITDA, which already deducts cash lease payments, convert to issuer-defined free cash flow after tax and capital expenditure?
• What are the maturity, break, renewal and security terms embedded in the lease portfolio?
• Does the management-contract mix grow without diluting centre-level economics?
• How does the newly listed group report FY2026 seasonality, one-off IPO costs and dividend capacity?

9 September 2026 corrections

These bounded retrospective corrections clarify specific published facts or calculations. They retain each report's existing research cutoff and do not represent a full refresh or a finding that all possible issues are resolved.

JustCo Holdings Limited

• Verified Fact. Occupancy was 80% in 1H2026 versus 82% in 1H2025 and 75% in 1H2024. Sources: Source. Limitation: The comparison does not establish demand at comparable centres because cohorts and geography differ.

Download

A print-ready PDF of this page, for reading away from the screen: JustCo Holdings evidence library (PDF). It carries the same content as this page — the listing and network, first-half 2026 operating evidence, the three audited years, network economics, the member mix, centre maturity, the lease bridge, the IPO proceeds, the balance sheet and credit evidence, the event tape and open questions — and the same omissions: no rating, no fair value, no forecast.

Sources and corrections

Where the primary sources are filed. SGX issuer and IPO prospectus index for JCO · JustCo investor relations and announcements · JustCo newsroom and operating updates. Exchange portals re-file and purge documents over time; the text above cites each document by name and date so it can be found again. Tables on this page as data: JSON · CSV — the page’s own as-filed and recomputed tables, cell for cell, with their section and caption.

1. JustCo Holdings Limited unaudited 1H2026 financial statements (6 August 2026), pages 1–27.
2. SGX 1H2026 results press release and business update, 6 August 2026.
3. SGX IPO prospectus index and listing confirmation, May 2026.
4. SGX IPO performance record, accessed 28 August 2026.
5. Issuer release: JustCo Place, 9 July 2026.
6. Issuer release: MSCI Global Micro Cap Index inclusion, 18 August 2026.

Limitations. The 613-page SGX prospectus, 11-page 1H2026 business update and 27-page 1H2026 financial statements are retained in the private source library. The public page therefore carries reported evidence only and no rating, fair value or forecast. Corrections: email [email protected] with the source and page.